PHUN Phunware, Inc.
Price Chart
Executive Summary
Phunware filed a universal shelf registration statement (S-3) to offer up to $200M in securities, including an immediate ATM facility for up to $15.3M of common stock via Benchmark and StoneX. The filing comes on the heels of a weak Q1 2026 10-Q showing revenue down 21% YoY to $542K, a net loss of $3.2M, and cash burn that reduced cash from $100.6M to $97.9M. The ATM represents potential dilution of up to ~38% of current shares outstanding at the $1.98 reference price, and the shelf signals management's intent to access equity markets for general corporate purposes, likely to fund ongoing losses.
Key Financial Metrics
Actionable Insight
The ATM creates persistent overhang — any rally in PHUN will likely be sold into as the company can issue shares at market prices. Monitor daily volume and any 8-K disclosing ATM sales. The Q1 revenue decline and cash burn suggest the company needs capital, making further dilution likely. Consider shorting into strength or avoiding long positions until the ATM is exhausted or cancelled.
Key Facts
- Shelf registration filed for up to $200M in common stock, preferred stock, warrants, and units.
- Immediate ATM facility for up to $15.3M of common stock via Benchmark and StoneX at up to 2.5% commission.
- Q1 2026 revenue declined 21% YoY to $542K; net loss of $3.2M.
- Cash and cash equivalents fell from $100.6M (Dec 2025) to $97.9M (Mar 2026), a burn of ~$2.7M in the quarter.
- Market cap is ~$42M; the $15.3M ATM represents potential dilution of ~38% of shares outstanding at the $1.98 reference price.
- Public float is ~$46M; the company is limited by General Instruction I.B.6 to selling no more than one-third of public float ($15.3M) in any 12-month period.
- Company is a smaller reporting company with a going-concern risk profile given recurring operating losses.
Financial Impact
Potential dilution of up to ~38% of current shares outstanding from the $15.3M ATM; total shelf capacity of $200M is ~4.8x current market cap.
Risk Factors
- Significant dilution from ATM sales could depress share price.
- Revenue decline of 21% YoY indicates deteriorating business fundamentals.
- Cash burn rate of ~$2.7M/quarter suggests limited runway without additional capital.
- Shelf registration allows for additional dilutive offerings beyond the ATM.
- Low market cap ($42M) and small public float make the stock susceptible to volatility.
Market Snapshot
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3 Filing (Primary) | 0001665300-26-000005 |
| Document: phun-ex1_2.htm | 0001665300-26-000005 |
| Document: phun-ex5_1.htm | 0001665300-26-000005 |
| Document: phun-exfiling_fees.htm | 0001665300-26-000005 |
| Document: phun-ex23_1.htm | 0001665300-26-000005 |
| Document: phun-ex23_2.htm | 0001665300-26-000005 |
| Document: 0001665300-26-000005-index-headers.html | 0001665300-26-000005 |
| Document: 0001665300-26-000005-index.html | 0001665300-26-000005 |
| Document: 0001665300-26-000005.txt | 0001665300-26-000005 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 29, 2026
15d ago
|
EFFECT
| $2.04 $1.97 | ▲ +3.43% | ▲ +0.91% | $1.93 (+5.39%) |
|
May 21, 2026
22d ago
|
S-3
| $2.02 $2.03 | ▼ −0.49% | ▲ +1.16% | $1.93 (+4.46%) |
|
May 18, 2026
25d ago
|
8-K
| $2.03 $2.06 | ▲ +1.48% | ▼ −0.14% | $1.93 (−4.93%) |
|
Mar 20, 2026
12w ago
|
Press Release
| $1.80 $1.67 | ▼ −7.22% | ▼ −5.07% | $1.93 (+7.22%) |
US Market Status
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